I’ve had a CSR for 3.9 years. If at the 4 year mark I downgrade to freedom unlimited, then apply for CSP, will I be eligible for both card’s sign on bonuses? (CFU is $200, and CSP is 100k points). Or will the CFU make me ineligible or the CSP bonus?

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Downgrading doesn't provide you a signup bonus

If it's been 4 years since you last received your signup bonus, you can apply for the CSP and get that bonus (after you downgrade and wait 4 days)

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